Equated Monthly Installment (EMI)

Equated Monthly Installment (EMI),

How Do You Define Equated Monthly Installment (EMI)?

  • You can define Equated Monthly Installment (EMI) as, Equivalent Monthly Payment (EMI) is a fixed amount paid by a lender on a specific date in each calendar month. The same monthly payments are used to pay interest and principal each month, making the loan fully repayable over many years. For general types of loans such as home loans, auto loans and student loans, the borrower pays a regular fixed amount to the lender over a number of years in order to be attracted to the loan.

    • Monthly Equivalent Payment (EMI) is a recurring payment made by a lender to a lender on a specific date each month.
    • Through IMEs, lenders can better determine how much they owe on their loans each month.
    • EMI can be calculated in two ways: flat method or reduction balance method.

Literal Meanings of Equated Monthly Installment (EMI)

Equated:

Meanings of Equated:
  1. Think of (one thing) as equal to or equal to another.

Sentences of Equated
  1. Users match their names to the standard

Synonyms of Equated

regard as identical to, regard as the same as

Monthly:

Meanings of Monthly:
  1. Completed, ready or done once a month.

  2. Once a month, every month, every month.

  3. Monthly which is published once a month.

  4. Menstruation

Sentences of Monthly
  1. The Board of Directors meets monthly

  2. Most of us get paid monthly

  3. Monthly Anglo-American Magazine with always international appeal

Synonyms of Monthly

register, compendium, volume, almanac, hardback, yearbook, treatise, work, book, tome, manual, paperback, title, opus

Installment:

Meanings of Installment:
  1. An amount is one of several equivalent payments for something spread over an agreed period.

  2. Any part of anything that is regularly posted, broadcast or published.

  3. The process of installing something.

Sentences of Installment
  1. The first payment of housing assistance

  2. Record the last part of your Vietnam Trinity

  3. Payments begin early next year

Synonyms of Installment

section, part, part payment, division, segment, portion, partial payment, bit